India’s CoinDCX exchange secures $2.5m investment from Polychain
CoinDCX raises the new investment just months after completing its Series A funding round that raised $3 million
CoinDCX, the largest cryptocurrency exchange in India, has raised $2.5 million in new investment. The company has secured these funds in a strategic investment round led by Polychain Capital, with Coinbase Ventures also contributing.
The Mumbai-based platform also added to its coffers in March after a series A funding round that raised $3 million, which was also led by Polychain Capital.
The company has now raised a total of $6 million from investors, after the platform raised $0.5 million during its seed funding round in March 2019.
CoinDCX eyeing expansion and new staff
CoinDCX plans to use the fresh capital to boost its services and presence in the Indian crypto space, as well as to hire new staff. According to co-founder and CEO Sumit Gupta, the exchange plans to add to its staff of 60.
Gupta also revealed that the company plans to use the funds to launch a range of new products, including lending services targeted at retail investors. They are also looking to further the adoption of cryptocurrencies in the country via several initiatives.
The exchange plans to utilise some of the funds to run educational programs, hold meetups and organise community meetings through a campaign dubbed #TryCrypto.
Gupta noted that the new investment “is a shot of confidence” in the exchange’s roadmap that seeks to tap into an Indian market.
The platform, which launched the campaign in March and committed $1.3 million, has said the awareness could see 50 million new people begin to use cryptocurrencies.
The crypto space in India is quickly opening up just weeks after the Indian Supreme Court lifted a Reserve Bank of India (RBI) ban that had prohibited banks from conducting business with cryptocurrency exchanges and related businesses.
Coinbase Ventures’ Shan Aggarwal said that “CoinDCX is strongly positioned” as a platform from which more people can interact with crypto.
CoinDCX is one of the exchanges to see massive growth in its trading volumes, as well as active users. Daily trading volumes have jumped over 45% since early March, with over 50,000 new users coming on board, adding nearly 150% to its customer base in the past two months.
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Benson Toti, Khareem Sudlow